Formed in the aftermath of World War IIWorld War II, the current global governance system has major shortcomings, the most salient of which is that it does not adequately reflect the inherent rights and interests of developing countries. Reforms in the global governance system are urgently needed to help EMDCs become more resilient and better cope with unprecedented development challenges. BRICSBRICS has become an important platform for developing countries to engage in constructive dialogue and cooperation, while also driving reform. To this end, BRICS countries established the New Development Bank (NDB)New Development Bank (NDB) to mobilize financing, enhance innovation and knowledge exchange, assist member countries in achieving the SDGs, and further improve efficiency and effectiveness to fulfill its mandate.